―DENSO to expand its European operations with existing business―
KARIYA (Japan) ― DENSO Corporation acquired all shares of CTR s.r.l, an aftermarket commercial company with locations in Italy, Spain and France that distributes various automotive climate control components, such as compressors, HVAC components and heat exchangers. CTR was a subsidiary of Finber S.p.A., a European-based companythat develops, manufactures and sells automotive components and other products. The acquisition was completed on June 1, 2010.
“We believe that CTR and the Aftermarket Business Unit of DENSO Thermal Systems will complement each other’s existing products and distribution networks,” said Akio Shikamura, managing officer responsible for DENSO’s Thermal Systems Business Group. “With this advantage, DENSO aims to expand the group business and diversify its thermal aftermarket product portfolio.”
CTR is an aftermarket commercial company that offers a wide range of products and equipment including its own brands, and has a strong distribution and service network. In Italy, where its head office is located, CTR provides its dealers quality service including next morning delivery system upon receipt of an urgent order, and various in-depth technical training programs. Based on its extensive services, the company owns leading market shares of aftermarket sales of automotive climate control components in the country.
Without changing the company and brand name, CTR is now a subsidiary of Italian-based DENSO Thermal Systems (DNTS), which develops, manufactures and sells automotive engine cooling and climate control systems along with other thermal products to areas all over Europe and South America. The current management and organization continues to operate the company, and the head office and its warehouses, and other facilities are continually being used.
DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global supplier of advanced technology, systems and components. Its customers include all the world’s major carmakers. Worldwide, the company employs approximately 120,000 people in 34 countries and regions, including Japan. Consolidated global sales for the fiscal year ended March 31, 2010 totaled US$32.0 billion. DENSO common stock is traded on the Tokyo and Nagoya stock exchanges. For more information, go to www.globaldenso.com, or visit our media website at www.densomediacenter.com.
Profile of newly acquired company
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1. |
Name: |
CTR s.r.l. |
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2. |
Location: |
Parma, Italy |
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3. |
President: |
Claude Verhegge |
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4. |
Managing Director: |
Pietro Dondi (to remain in office) |
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5. |
Capital: |
100,000 Euro (approximately US$ 123,000) |
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6. |
Ownership: |
100 percent owned by DENSO Thermal Systems S.p.A. |
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7. |
Sales: |
Approximately 10 million Euro (approximately US$12.3 million; projected for the fiscal year ending March 31, 2011) |
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8. |
Employees: |
Approximately 30 |
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9. |
Business description: |
Distribution of automotive climate control components such as compressors, HVAC components, heat exchangers and others in Italy, Spain, and France |
Profile of DENSO Thermal Systems S.p.A.
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1. |
Name: |
DENSO Thermal Systems S.p.A. |
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2. |
Location: |
Poirino, Italy (suburbs of Torino) |
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3. |
President: |
Manfredo Nicolelli |
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4. |
Establishment: |
July 1986 |
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5. |
Capital: |
170.9 million Euro (approximately US$ 210.2 million) |
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6. |
Ownership: |
100 percent owned by DENSO International Europe B.V. |
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7. |
Sales: |
474 million Euro (approximately US$583.0 million, as of the fiscal year ended March 2010) |
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8. |
Employees: |
2,335 (as of March 2010) |
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9. |
Business description: |
Development, production and sales of engine cooling and climate control systems and other thermal products |
Profile of Finber S.p.A.
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1. |
Name: |
Finber S.p.A. |
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2. |
Location: |
Parma, Italy |
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3. |
President: |
Angelo Bernini |
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4. |
Establishment: |
February 1996 |
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5. |
Capital: |
3,1 million Euro (approximately US$ 3.8 million) |
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6. |
Ownership: |
Bernini Family |
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7. |
Sales: |
86 million Euro (approximately US$ 105.8 million, as of the fiscal year ended December 2009) |
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8. |
Employees: |
240 (as of December 2009) |
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9. |
Business description: |
Development, manufacturing and sales of automotive components and other products |
*Exchange rates used are US$1.23 per one Euro, at the end of May 2010 for convenience only.